OLA’s Letter in Support of CA Senate Bill 297

Posted on April 10, 2017

OLA expressed its support of Senate Bill 297 by sending a letter to Senator Dodd, Chair of the Senate Banking and Financial Institutions Committee.

OLA represents the growing industry of innovative companies that develop and deploy financial technology which include proprietary and innovative underwriting methods, data analytics, and non-traditional delivery channels to offer online consumer loans and related products and services. Much of the innovation undertaken by OLA members has enabled consumers’ greater access to lending options. These innovations have been curtailed in California due to certain aspects of the states CFL law that have limited some lenders’ abilities to use loan finders to refer potential new customers.